HomeTop Global NewsColombia Presents 2024 Budget Proposal

Colombia Presents 2024 Budget Proposal

Colombia’s government presented its budget proposal for 2024 to Congress on Saturday. The proposal, worth 502.6 trillion pesos ($127.8 billion), costs 19% more than this year’s budget, the country’s finance ministry stated.

94.52 trillion pesos have been allocated to debt servicing, with a further 97.75 trillion pesos for new investments. The government allocated 70.5 trillion pesos for education, health, drinking water, and other general purposes, while 57.4 trillion pesos have been planned to support the state pension system.

President Gustavo Petro, Colombia’s first leftist president, has pledged to introduce a slew of social and economic reforms across several sectors including healthcare and labor. While his proposed labor reform bill was rejected by Congress, the government plans to reintroduce it.

The Autonomous Fiscal Rule Committee (CARF) has warned that such reforms could result in higher costs while risking noncompliance with the fiscal rule.

Broadcom’s Earnings Report Beats Expectations, Company Announces 10-for-1 Stock Split

Semiconductor maker Broadcom shared an earnings report for the second quarter that beat the estimations of analysts and caused its stock to surge more...

Federal Reserve Project One Rate Cut in 2024

During a meeting on Wednesday, the Federal Reserve kept its benchmark interest rate unchanged. Additionally, the U.S. central bank projected just one interest rate...

EV Maker Fisker Recalls 18,000 Cars Due to Software Issues, Compliance Reasons

Electric vehicle maker Fisker announced on Wednesday that it’s recalling more than 18,000 cars in North America and Europe. The recall affects Fisker’s Ocean...